Time of signing the financial statement audit contract 

Time of signing the financial statement audit contract

According to the provisions of Clause 2, Article 9 of the 2011 Law on Independent Auditing:

Article 9. Compulsory audit

2. Contracts to audit annual financial statements of enterprises and organizations required to audit financial statements must be concluded no later than thirty days before the end of the annual accounting period.

Thus, for businesses subject to mandatory annual financial statement audits with a fiscal year ending on December 31, the audit contract must be signed on December 1 of that year at the latest.

Violations of regulations on the time to sign contracts to audit annual financial statements of enterprises will be penalized as follows:

1. In case the audit contract is concluded later than the above deadline, the Enterprise may be penalized for violations as prescribed in Point a, Clause 2, Article 35, Decree No. 105/2013/ND-CP September 16, 2013, specifically:

“Fine from 10,000,000 VND to 20,000,000 VND for businesses and organizations that commit one of the following violations:


a) Enterprises and organizations that are required to have annual financial statements audited sign financial statement audit contracts later than the prescribed deadline.

2. If the time of signing the contract to audit the enterprise's annual financial statements is later than December 31 of each year, it may result in not being able to witness the inventory of assets and inventory, leading to the need to issue an opinion. Exceptional audit opinion.

Thus, in cases where an enterprise is required to have its annual financial statements audited, it is necessary to pay attention to complying with the regulations on the time of entering into the annual financial statement audit contract before the deadline. deadline according to the above regulations to avoid penalties and affect the audit opinion for your financial statements.

Please contact AACS auditing service immediately so we can advise and send a quote to your company quickly according to the information below.

Audit department: Mr Manh – 0908 381 550 – Email: manh.aacs@gmail.com

AACS Auditing Company Limited would like to thank you for your interest in our Company's auditing services. If you have any questions, please contact us immediately for advice and answers to your questions.

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